When I last published our list of fastest selling neighborhoods, back in the height of the spring/early summer market in mid June, the city of Shrewsbury was at the top of the list with an average time on market for listings of just 29 days. Well, here we are approaching mid-November, the beginning of the typical seasonal slow down and Shrewsbury is still at the top of the list of fastest selling neighborhoods in St Louis and, to top it off, the average time on market of current listings is 34 days, just 5 days more than back in June! As the table below shows, #10 on the top ten list has an average time on market of 59 days, just 14 days higher than #10 on the list back in June.
Does being a fast selling neighborhood drive prices up?
Just because a neighborhood is on our fastest-selling list, it doesn’t necessarily mean there is strong buyer demand which is making homes sell quickly and driving up home prices but, in most cases, that is part of the equation. On the other hand, it could be price, more specifically price reductions by seller’s to find the “sweet spot” in the market, that is driving the demand and sales activity therefore, a neighborhood on this list could see declining home prices as well. In the case of Shrewsbury, home prices are definite on the rise! I have included below our exclusive Market Data Report for Shrewsbury which shows, over the past 12 months compared with the prior 12 months, the median price of homes sold in Shrewsbury increased over 15 percent from $150,000 to $172,750 while the number of homes sold in Shrewsbury has increased nearly 20 percent from 77 sales to 92 sales.
Near the bottom of the top ten list is the city of Overland which, while in a lower price range and more impacted by distressed sales than Shrewsbury, has seen an even larger increase in median home prices with the median price of homes sold increasing almost 25 percent in the most recent 12 month period from the prior 12 month period. Home sales in Overland for the past 12 months remained flat with about the same number of sales as in the prior 12 months.
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Ten Neighborhoods In St Louis Where Homes Sell The Fastest
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Shrewsbury Home Sales and Home Prices
(Click on the report for the LIVE report)
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Overland Home Sales and Home Prices
(Click on the report for the LIVE report)
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